Reinventing Riyal: Qatar Speeds Up Its Plan To Launch Government-Backed Digital Currency

Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani has said that the financial institution intends to issue a digital form of its national currency.

In a recent appearance, Governor Bandar said, “Many central banks are now considering to issue CBDC, and we are not an exception to that. But we are still in the foundation stage. We are evaluating the pros and cons of issuing CBDC and to find the proper and the right technology and platform to issue our CBDC.”

The central bank governor also touched upon cryptocurrencies and the merits they could provide. Calling cryptos a “technology innovation,” which has the potential to create a new era of “fast, cheap, and more accessible financial services, he said, “However, those crypto assets, which are not underlined by monetary authority might be less credible,” he warned.

That said, Qatar Investment Authority does not think highly of digital assets.

Earlier this week, CEO Mansoor Al Mahmoud said, “Our team in the technology space is exploring opportunities in the blockchain. This is the space that we’re interested in, not the currency itself.”

Qatar’s central bank displayed its plans to digitalize most of its products in March this year.